Job Market Monitor
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US / Young college graduates are outperforming their peers with less education
For those who question the value of college in this era of soaring student debt and high unemployment, the attitudes and experiences of today’s young adults—members of the so-called Millennial generation—provide a compelling answer. On virtually every measure of economic well-being and career attainment—from personal earnings to job satisfaction to the share employed full time—young … Continue reading
US federal workforce / The three episodes of cuts
There have been three modern episodes in which federal employees have been cut during a presidential administration: the post-World War II demobilization under president Harry S Truman (1945-53); the Cold War peace dividend and budget cuts under president Clinton (1992-2000); and now Obama, who has downsized the federal government during the recession. Here’s a comparison: via … Continue reading
US / Income inequality is now near a record high reports a Senate Joint Economic Committee
Recent economic news has been encouraging. Gross domestic product (GDP) has grown for 10 straight quarters (growing by 4.1 percent at an annual rate in the third quarter of 2013), the economy has added private-sector jobs for 46 consecutive months and the housing market continues to strengthen. Despite the current economic recovery, the income inequality … Continue reading
US / Black Teen Unemployment Jumps to 38%
The black teen unemployment rate spiked to 38% in January. The dramatic increase represented almost a 10% increase over December’s 35.5% unemployment rate. Overall, the teen unemployment rate for all races was 21%, a modest increase from December. Chosen excerpts by Job Market Monitor. Read the whole story at Black Teen Unemployment Jumps to 38%.
US / What about the Employment Rate ?
The unemployment rate gets all the press, but the employment rate has been improving lately too. The number of Americans working as a proportion of the overall populace — called the employment-population ratio — rose to 58.8% in January. That level was last consistently seen in 2009. Still, the measure remains well below its prerecession … Continue reading
US Declining Labor Force Participation / Aging of the population not the only factor
The aging of the population is not the sole contributing factor in the decline in labor force participation since 2007, contrary to what some have suggested. The participation rate has declined for every age bracket below 54 years old. The effects of these declines can be seen in the figure below. For each age range, we have calculated … Continue reading
US / Top 10 Auto Repair Jobs In 2013
AutoMD.com today released its list of the Top Ten Auto Repair Jobs for 2013. Standard wear and tear jobs dominated, with Brake Pad replacement coming in at number one, and other cyclical repair jobs, such as Alternator, Water Pump, Timing Belt and Spark Plug replacement rounding out the list. The company also looked at the … Continue reading
US / Women are suffering from public-sector job cuts
Women are suffering from public-sector job cuts and shifting into lower-paying fields such as retail and leisure and hospitality, as their job gains fail to keep up with men in the recovery. The economy added 113,000 jobs last month, according to the Labor Department’s monthly survey of employers. That resulted from a net gain of … Continue reading
US / 10.4 million men, aged 25 to 54, don’t have jobs
“More than one in six men ages 25 to 54, prime working years, don’t have jobs—a total of 10.4 million.” That portion of the male population has almost tripled in the past 40 years. What is life like for these unemployed men? Let’s hear from a few of them. Gawker has pulled a few emails from our … Continue reading
US / Self-Employment is down 9% (936,000 jobs) since the beginning of the recession in 2006
It’s estimated that a whopping 10 million individuals, or 6.6% of all reported jobs, were self-employed in the U.S. as of 2013–however, that figure has declined significantly since the recession, according to a new report from CareerBuilder and Economic Modeling Specialists Intl. (EMSI). The number of self-employed workers is down 9% (936,000 jobs) since the … Continue reading
US Job Report / Employment rose by only 113,000 in January
From the official press release Total nonfarm payroll employment rose by 113,000 in January, and the unemployment rate was little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in construction, manufacturing, wholesale trade, and mining. Household Survey Data Both the number of unemployed persons, at 10.2 million, and the unemployment rate, … Continue reading
Intergenerational mobility in the US / A Map
Using these income data, we calculate two measures of intergenerational mobility. The first, relative mobility, measures the difference in the expected economic outcomes between children from high-income and low-income families. The second, absolute upward mobility, measures the expected economic outcomes of children born to a family earning an income of approximately $30,000 (the 25th percentile … Continue reading
US / Planned job cuts jump by 47%
Planned job cuts by U.S. employers in January soared 47% from the prior month, according to data from an outplacement firm, with the heaviest layoffs to occur in a battered retail sector after many reported weak holiday sales. The data echoes what market observers have seen for weeks, as Target Corp. ( TGT ), Macy’s … Continue reading
US / Jobless claims fall by 20,000
The number of Americans filing new claims for unemployment benefits fell more than expected last week, in a boost to the labor market outlook and the broader economy. Initial claims for state unemployment benefits declined 20,000 to a seasonally adjusted 331,000, the Labor Department said on Thursday. Claims for the prior week were revised to … Continue reading
US / Long- term unemployment spans all industries, education levels, age groups, and among blue- and white-collar workers
Today, we are still struggling with the terrible crisis of long-term unemployment left in the Great Recession’s wake, as data suggest many of the remaining unemployed individuals have been unemployed for very long periods. While older workers and disadvantaged populations may face particular challenges, long- term unemployment affects a diverse group of workers that, in … Continue reading
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